Like everyone else, elite investors make mistakes. Some of their top consensus picks, such as Micron and Anadarko Petroleum, have not done well during the last 12 months ending in October due to various reasons. Nevertheless, the data show elite investors’ consensus picks have done well on average. The top 30 S&P 500 stocks among hedge funds at the end of September 2014 yielded an average return of 9.5% during the last four quarters ending in October, and sixty-three percent of these 30 stocks outperformed the market. S&P 500 Index returned only 5.2% during the same period and less than 49% of its constituents managed to beat this return. Because their consensus picks have done well, we pay attention to what elite funds think before doing extensive research on a stock. In this article, we take a closer look at Trimble Navigation Limited (NASDAQ:TRMB) from the perspective of those elite funds.
Is Trimble Navigation Limited (NASDAQ:TRMB) a marvelous investment now? The best stock pickers are turning bullish. The number of bullish hedge fund positions increased by 7 in recent months. TRMB was in 25 hedge funds’ portfolios at the end of September. There were 18 hedge funds in our database with TRMB positions at the end of the previous quarter. At the end of this article we will also compare TRMB to other stocks including Genesis Energy, L.P. (NYSE:GEL), Graphic Packaging Holding Company (NYSE:GPK), and Navient Corp (NASDAQ:NAVI) to get a better sense of its popularity.
If you’d ask most traders, hedge funds are assumed to be slow, old investment vehicles of years past. While there are greater than 8000 funds with their doors open at present, We look at the bigwigs of this club, about 700 funds. Most estimates calculate that this group of people handle the majority of the hedge fund industry’s total capital, and by keeping track of their highest performing equity investments, Insider Monkey has revealed several investment strategies that have historically exceeded the broader indices. Insider Monkey’s small-cap hedge fund strategy outstripped the S&P 500 index by 12 percentage points per annum for a decade in their back tests.
Keeping this in mind, we’re going to take a glance at the new action encompassing Trimble Navigation Limited (NASDAQ:TRMB).
Hedge fund activity in Trimble Navigation Limited (NASDAQ:TRMB)
At the end of the third quarter, a total of 25 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 39% from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of notable hedge fund managers who were boosting their stakes considerably (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Robert Joseph Caruso’s Select Equity Group has the biggest position in Trimble Navigation Limited (NASDAQ:TRMB), worth close to $131 million, amounting to 1.2% of its total 13F portfolio. On Select Equity Group’s heels is D E Shaw, managed by D. E. Shaw, which holds an $51.2 million position; 0.1% of its 13F portfolio is allocated to the stock. Remaining professional money managers with similar optimism consist of Ian Simm’s Impax Asset Management, David Blood and Al Gore’s Generation Investment Management and Ken Griffin’s Citadel Investment Group.